The tax rate for someone who earns up 12,571 -50 270 is 20% Is it 20% of your salary or what? Because 20% of 50,270 isn't 7540 it is 10,054. Can someone please explain I'm actually coconfused
taxation in the UK favours the very rich AND the very poor - everyone in the middle - most of us ordinary folks - are propping up the entire country - why ? because the govt does the maths very carefully - to see how best to screw the highest amount of income out of the population as a whole - not just the rich. in UK for instance, tax is so ridiculous that you only get to spend around £20 from every £100 you earn - surely this cant be true you say - but it is - when 70% of the price of petrol is tax, 60% of the price of alcohol is tax & VAT on almost everything (on top of duty ! ), you have income tax, corporation tax @25%, national insurance, road tax, gambling tax, car tax, insurance tax, travel tax, inheritance tax, capital gains tax, ULEZ tax - the list is endless - we tax on top of tax on top of tax - when you even die you are bloody well taxed ! BTW - you will NEVER get a straight answer from an accountant - a number cruncher - because there are severe laws and penalties that prevent them from giving you this information - even if they wanted to - I have asked plenty
@@tonydCFO Thanks - I have asked half a dozen of our accountants in NW over about 40yrs for the legal advice about mitigating tax from Bury, Burnley, Rawtenstall, Kendal, Lancaster, Haslingden - the most biting was - from Blackburn - "You live in the UK - so pay your tax" - it really feels like many accountants are worse than HMRC
@@irw4350 Oh no! the accountants won't let you commit fraud! you need to spend more on accountants, my friend. Only the rich ones cheat (that's why they're rich).
Council tax is fair for people in same area. It is only not fair if someone who pays taxes have to pay it and someone who CAN WORK sitting home ang get it for free. Great social benefits 😭
So you pay income tax on your NI contributions. You also pay income tax when you receive pension. Isnt this double taxation? I would have thought NI would be deducted from total pay and you pay tax on remaining balance.
This is how it’s done in Germany. You either can deduct insurance contributions from taxable income but have to pay income tax on the received pensions or you pay your life insurance with taxed money and only the capital gains on the pension is taxed (with half the personal income tax instead of capital gains tax).
Complex information is explained in simple words. Thank You. One question: Does any person having a single job which is the only source of income needs to file a tax return?
Hi Prasad thank you for your positive comment and support -generally, if it's PAYE (employment income) as the only source, then quite often no you don't
In the UK all tax laws are enacted by parliament wrapped up in what is known as the Finance Act - you can view the latest Finance Act 2022 here >>> www.legislation.gov.uk/ukpga/2022/3/enacted
